新闻话语方式对股价的影响——基于财经媒体类型的视角

研究新闻话语方式对投资者股票交易行为及股价的影响，挑战在于话语方式不容易刻画。鉴于新闻报道的话语权主体即媒体均有鲜明的立场意图，尝试通过财经媒体类型刻画新闻话语方式，结合沪深300指数样本，利用网络爬虫、汉语分词系统及情感分析软件等工具，对新闻话语方式对股价的影响展开探索性的定量研究。研究结果表明:政府背景财经媒体、专业财经媒体及互联网财经媒体这3类媒体类型在报道数量、信息简洁度、情感得分及情感分歧方面存在显著差别，并通过投资者关注度及投资者情绪对股价波动发挥不同程度的影响。

The Influence of News Discourse and Stock Price-Based on the Perspective of Financial Media Types

This paper used financial media types to describe the discourse, and made an empirical research on how news discourse would influence investors'' stock trading behavior and stock price via using CSI 300 Index. The research results show, for the government background financial media, professional financial media and Internet financial media, there are significant differences in the number of reports, information conciseness, emotional scores and emotional divergences among these three types of media coverage, which produce different effects on stock price fluctuation changes through investors'' attention and investors'' sentiment. This paper is of great significance to standardizing the development of news industry and to guiding investors to invest rationally.